House prices rise 'but recession not over'
House prices are on the increase again but it will be a long time before the recession stops affecting the property market, one sector commentator has claimed.
Recent figures from the Land Registry revealed that the average house price in England and Wales increased 0.6 per cent in October to £159,546.
Meanwhile, the average property price in London increased by 1.4 per cent in October and now stands at £317,601.
Such news may convince consumers that flats to rent in Shoreditch or elsewhere in the capital are more affordable than property for sale in the same area.
Commenting on the news, David Amstell, founder of Briffy.com, said: "I think we are going to stay in the recession that we are in; I don't see us coming out of it, not for a long time. We are still seeing redundancies and we are still seeing companies going out of business."
He added that while prices have risen, fewer house sales are now taking place.
Written by Andy Britten
Published 30th November, 2009
© 2009 Estates IT Limited
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Although property prices have increased, the effects of the recession will be long-lasting, it has been claimed, which may prompt Britons to consider renting rather than buying a home.